Gazprom's investment program becomes world's most expensive in oil and gas sphere

Gazprom may become the world's leader in the oil and gas industry in terms of expenditure, Vedomosti reports.

Together with its subsidiaries Gazpromneft and energy companies, Gazprom will spend a total of 1.6 trillion rubles this year, a world record for the sphere.

Petrobas (Brazil) used to hold first position. Its program in 2011-2015 reached $224.7 billion, about $45 billion annually. Plans for 2010-2014 were to spend $224 billion.

Gazprom will spend $41.4 billion in 2011, according to the investment program of 2011.